Dubai’s dining scene has been dominated by the DIFC, a vast complex bursting with the city’s top restaurants  and lounges. It’s been the undisputed epicenter of Dubai’s fine dining, with other pockets like Emirates Towers and Festival City striving to mimic their success. This may all change with the opening of the Conrad Hilton Dubai, slated for sometime this summer.

Sources from Hotelier Middle East have announced today that the new Hilton Conrad, located opposite of DIFC will feature 5 restaurants, all vying to compete with DIFC powerhouse restaurants like La Petite Maison, Guacho, and Zuma. Sources tell us the hotel will house four home-grown restaurants and two branded restaurants, including Latin-American supper club Izel.  Another restaurant is rumored to be a pool/restaurant/club concept.

The Dubai Chew will be closely monitoring the progress with the hotel and will keep our viewers up-to-date with restaurant announcements and openings.

Source: Hotelier Middle East

The French bank has reiterated its commitment to maintain its regional headquarters in Bahrain, but the new office in Dubai’s technology and media freezone is the second operation it has opened in the emirate in six months. It also opened a DIFC office for its wealth management operations in November last year.

During the height of the troubles in Bahrain last year, BNP Paribas – along with other international banks – transferred staff temporarily to Dubai and many suggested the move could be permanent.

One of the things opening the new office highlights, however, is the logistical and political obstacles any large financial services organisations face around simply moving out of Bahrain.

The likes of Nomura, Credit Agricole and asset manager Robeco lifted staff out of Bahrain to Dubai, or shifted their headquarters entirely, after the unrest in the kingdom last year.

In theory, BNP Paribas could have simply relocated to Dubai, as Credit Agricole did last year, but many of its staff indicated a desire to stay in Bahrain.

Unlike the UAE and Qatar, Bahrain’s financial sector is not largely reliant on expat expertise. Around 65% of the workforce is Bahraini, which means that any international firm setting up in the kingdom has a relatively deep pool of local talent to fish from. Many of BNP’s Bahraini staff were reluctant to move.

Obviously, being Bahraini is no guarantee of loyalty to the state – many nationals work in other financial centres across the globe – but it’s more likely that there will be more resistance to a wholesale move away from the kingdom.

Other employees may have had more of an imperative to leave Bahrain. Lebanese bankers working in the kingdom also face harassment during last year’s protests after suggestions that Shia Lebanese guerrilla group Hizbollah was instigating the protests.

At one point last year, the US Department of State was encouraging its citizens to leave Bahrain and, as we mentioned, many Western expatswere taking it upon themselves to fly out of the kingdom with one eye on making the move permanent after the distress caused to their families.

Clearly, with such a diverse workforce, keeping everyone happy is something of a political juggling act. Any large financial services organisations thinking of moving out of Bahrain face similar challenges.

There are now 848 companies operating in the DIFC, up from 792, and around 12,000 people are employed there, compared to approximately 11,300 at the end of 2010.

The past two years have been challenging for the DIFC, with the centre being forced to pare back its headcount as demand dwindled for office space among international financial services firms. Now, 95% of its commercial office space is filled, compared to 92% in 2010, and Abdulla Mohammed Al Awar, CEO of the DIFC Authority, says it has the “potential to double in size in the next five years”.

In part, the increase in companies can be attributed to the fall out from the Arab Spring – Dubai was seen as a relative safe haven, and number of firms relocated staff to the emirate last year. It issued new licences to the likes of BNP Paribas Wealth Management, Bank Vontobel and Jefferies last year.

However, there was also increased interest in companies from Asia setting up shop in the DIFC, and the proportion of firms from the continent increased to 11% last year. Perhaps worryingly, however, the largest proportion (37%) of firms still herald from crisis-ridden Europe and financial institutions there are paring back headcount more aggressively than their US counterparts.

Vahid Sharifian, Accidentally Angel, 2011, 90x150cm, Courtesy XVA Gallery

This exhibition reflects the many depictions of the sea. Each artist explores the poetic relationship between human nature and that of the ocean, which is both revered and compelling. Iranian and well-respected curator Vahid Sharifian gathers 10 talented artists such as: Shahriar Ahmadi, Mahmoud Bakhshi, Ala Dehghan, Mehdi Farhadian, Anahita Ghasemkhani, Omid Hallaj, Ghasem Mohammadi, Shantia Zaker Ameli, Amirhossein Zanjani.

For more information:

XVA Gallery
Building 7 DIFC Gate Village, Dubai
T. +971 4 358 5117
www.xvagallery.com

IZU ANI, Executive Chef, La Petite Maison

Izu Ani in the kitchen at La Petite Maison, DIFC, Dubai

Nigerian born, Michelin-trained Izu Ani has been the powerhouse behind the enormous success of DIFC’s Nice import La Petite Maison. Izu, serving as the restaurant’s Executive Chef is no stranger to high-end cuisine and the fast-paced kitchen culture that has made LPM Dubai’s greatest dining establishment.

Prior to his arrival at LPM, Izu spent years making his rounds at premier kitchens throughout Europe. His career exposed him to numerous frenetic Michelin starred restaurants in London, France and Spain, and finally a lucrative position as head chef at London’s Vanilla, where he was scouted by La Petite Maison’s London chef to head the new Dubai location.

His background covers a variety of cuisines from fine-tuned French to molecular gastronomy, but he feels at home at LPM’s Nicoise kitchen, where he “takes all his background and knowledge and understanding, but keeps it simple on the plate.”

From his own words:

“it doesn’t matter how good it looks. That’s one thing that never changes about my food, the flavor”

“The culture of Mediterranean cooking and eating is lightness, and the produce is of the utmost importance.”

It was a busy week in reviews for Dubai (and Abu Dhabi) restaurants. Check Dubai Chew’s summary of the raves and rants of this past week below!

The National’s Emily Shadlow welcomed Park Bar & Grill as a positive addition to the Abu Dhabi dining scene and plans to return. To the review>>>

Time Out Dubai‘s Oliver Robinson found love in Zafran‘s aloo tikki (but not much else) in his review of Celebrity Chef Atul Kochhar’s newest installment. Lamb! Chicken! Mystery dessert>>>

Butter chicken triumphed over Oliver Robinson‘s first experience with camel meat in his mixed review of Yemeni restaurant Zaina. Apparently camel tastes like mutton>>>

FooDiva praised the service and her “heavenly” sirloin but realized Argentine cuisine inevitably revolves around steak in her 3/5 knife review of DIFC newcomer Gaucho. To the cow hides and immaculate service>>>

Start the meal with Poivrons Marinés à l’Huile d’Olive (sweet roasted peppers in olive oil) and Salade de Lentilles Vertes (salad of green lentils). Both vegetarian dishes are extremely flavorful and fairly priced. Lentils are a fantastic source of protein with about the same levels found in meat, at a fraction of the cost.

For the main dishes, opt for the Rigatoni aux Champignon (Rigatoni with mushrooms), a generous portion of  market-fresh fungi in a bed of rich rigatoni. A plate of Ratatouille avec Féta (a medley of fresh vegetables sauteed with Mediterranean spices, olive oil and light feta) will satisfy even the carnivorous-inclined at a fraction of the price.

Dinner, excluding service and beverages comes out to a friendly AED230, about the same price as a single meat entree. Even with beverages and dessert incorporated into the bill, dinner at Dubai’s premier restaurant is a steal.

La Petite Maison, DIFC

Reservations: + 971 (0) 4439 0505

http://www.lpmdubai.ae/

The DIFC Gate Village hosted another Art Night last week on the 15th of January attracting the artsies and wannabe artsies alike to the scene. In contrast to the corporate and serious offices just a few meters above, the Art Night at the DIFC Gate Village was a whirlwind of color. Not too sure on the frequency of this event, but it happens around twice a year? Once around the Winter/Spring time, and once around the Autumn/Winter time (if my memory serves me well). For those of you who don’t know or haven’t been to the DIFC Gate Village (what planet do you live on? only if you don’t live in Dubai are you excused). It is a pretty happening urban space that houses some of the up-scale F&B establishments, boutiques and art galleries.

This year’s Art Night was like candy that satisfied my sweet tooth. It was extremely refreshing to see local and regional art talents emerging from around us with great original work that showed promise for their growth. Paintings, drawings, sculptures, live sculptures, live music (by DJ Lobito) and live cooking (less cooking and more canapé-making courtesy of the Ritz-Carlton DIFC).

2 galleries really caught my attention: Ayyam Gallery & Opera Gallery

Ayyam had works by Tammam Azzam (hey that rhymes) called Dirty Laundry. What really appealed to me about the work is the process the artist took in creating the paintings. He made dirty laundry look… well appealing. Each piece of work portrayed a visually appealing geometric contrast of colors and forms that stood out between the rest. One would think that this is… an abstract piece of work, but from my point of view it looked very organic.

Opera Gallery had works bursting in color on both of their floors. Works by Johanne Corno caught my attention though. Headshots of your typical pin-up-chic in a seductive pose, scaled up, painted with a splashes of energy on huge canvases. The paintings looked pretty intimidating due to their size and no matter where you were in the gallery, my eyes always shifted locking with the eyes of the girls on the wall.

The difference between this season’s and last season’s event was perhaps that last season there was definitely a lot more free-flowing booze going around.  Nevertheless this season’s event was still packed with voyeurs admiring the art pieces that mounted the naked walls of the financial center even after the event was over.

And then… ended up in Zuma, where else? A delectable end to a perfect night.

Dubai International Financial Center

His Highness Sheikh Mohammed Ibn Rashed Al Maktoum, Ruler of Dubai issued a law amending certain provisions of Law No. (9) of 2004 concerning . According to this law, DIFC, the free financial zone of Dubai, shall be financially and administratively independent and shall be affiliated with the government of Dubai.

Also, DIFC shall have registers to record companies and real estate as well as property disposals. These registers shall include registers for properties, mortgages and companies. They shall be set up and organized according to the Center’s regulations. . . . . search CLT – Laws Online Database for more information.

They certainly stopped traffic and where a major talking point of the event…

Dubai International Financial Centre (DIFC)-registered companies will have to be located within the free zone or they will lose their registration, a senior government official has reiterated.

“The UAE’s federal law stipulates that any company registered by a free zone has to have a presence in that free zone and, therefore, it has always been mandatory for any DIFC registered company to be located in the centre or it would lose its registration,” Abdulla Mohammed Al Awar, Chief Executive Officer, DIFC Authority, told ‘Emirates24|7′.

“However, we work closely with the registered firms to ensure that their location transition to DIFC is as smooth as possible and would not disturb their business plans.”

A number of DIFC-registered companies were allowed to conduct business outside its premises due to lack of space in 2007 and 2008 with companies also taking advantage of lower rents than the free zone.

Total leasable commercial space in DIFC’s own buildings stood at 1.217 million square feet as of June 2011, while total commercial office space within third party developers was at 769,000 square feet. Earlier this year, DIFC said about two million square feet of commercial office space was likely to be handed over by third-party developers in the next 18 to 24 months.

This website reported earlier that occupancy level in DIFC Gate District has remained at over 95 per cent, while third-party developments within the free zone have leased 58 per cent of their office space.

Realty agents believe that most of the DIFC-listed companies have already moved base to the third party developments within the free zone  where rents are lower than the Gate District.

A senior official of a company, which moved its office to Liberty House, told this website: “We directly negotiated with the owners and managed to get a good deal… just that we had to sign a long-term lease.”

via DIFC firms must be located within the free zone – Emirates 24/7

Related articles

• Top banker takes DIFC reins amid restructure (noorislamicbank.wordpress.com)
• e-Services only in Dubai (eservices-for-business.com)

Dubai International Financial Centre (DIFC)-registered companies will have to be located within the free zone or they will lose their registration, a senior government official has reiterated.

“The UAE’s federal law stipulates that any company registered by a free zone has to have a presence in that free zone and, therefore, it has always been mandatory for any DIFC registered company to be located in the centre or it would lose its registration,” Abdulla Mohammed Al Awar, Chief Executive Officer, DIFC Authority, told ‘Emirates24|7′.

“However, we work closely with the registered firms to ensure that their location transition to DIFC is as smooth as possible and would not disturb their business plans.”

A number of DIFC-registered companies were allowed to conduct business outside its premises due to lack of space in 2007 and 2008 with companies also taking advantage of lower rents than the free zone.

Total leasable commercial space in DIFC’s own buildings stood at 1.217 million square feet as of June 2011, while total commercial office space within third party developers was at 769,000 square feet. Earlier this year, DIFC said about two million square feet of commercial office space was likely to be handed over by third-party developers in the next 18 to 24 months.

This website reported earlier that occupancy level in DIFC Gate District has remained at over 95 per cent, while third-party developments within the free zone have leased 58 per cent of their office space.

Realty agents believe that most of the DIFC-listed companies have already moved base to the third party developments within the free zone  where rents are lower than the Gate District.

A senior official of a company, which moved its office to Liberty House, told this website: “We directly negotiated with the owners and managed to get a good deal… just that we had to sign a long-term lease.”

via DIFC firms must be located within the free zone – Emirates 24/7

Related articles

• Top banker takes DIFC reins amid restructure (noorislamicbank.wordpress.com)
• e-Services only in Dubai (eservices-for-business.com)

A man waiting outside the art galleries
Dubai International Financial Center
Dubai, UAE

To: undisclosed-recipients

Greetings!
I have been waiting for you since to contact me for your
ConfirmableBank Draft of $250,000.00 United States Dollars (Two
Hundred and Fifty Thousand USD), but I did not hear from you since
that time. I work with FedEx Courier Service, West Africa Nigeria.

I was given this draft by a friend of yours who told me to send it to
our Address. For your information, He paid for the delivering Charge,
Insurance premium and Clearance Certificate Fees of the Cheque showing
That it is not a Drug Money or meant to sponsor Terrorist attack in
our Country.

The only money you will send to us the FedEx Courier Service to
Deliver your Draft (worth $250,000.00 United States Dollars) direct to
your postal Address in your country is only ($150.00 US) Dollars which
Is only met for Security Keeping Fee of my Courier Company so far.
Call for more details with my number below immediately.

Finally, make sure that you reconfirm your name, address, occupation
and telephone number to us again to avoid any mistake on the Delivery
and ask us to give you the tracking number to enable you track
yourpackage over there and know when it will get to your address but
that can only be done when we have receive the payment of 150 USD for
the security keeping fee.

Get back to me as soon as possible.

Yours Faithfully,
Mr.John Albert
Tel:(+234) 80 519 507 75

___

From: Kabiru Nasiru <kablrunaslru09@gmail.com

To: undisclosed-recipients

Dear friend,
This message might meet you in utmost surprise, however, it’s just my urgent need for foreign partner that made me to contact you for this transaction.

I am a banker by profession from Burkina Faso in West Africa and currently holding the post of Director Auditing and Accounting unit of the bank. I have the opportunity of transferring the left over funds ($6.8million) of one of my bank clients who died along with his entire family on 31 July 2000 in a plane crash. You can confirm the geniuses of the deceased death by clicking on this web site: 
http://www.alaskajournal.com/stories/081301/foc_native_corps.shtml

Hence, I am inviting you for a business deal where this money can be shared between us in the ratio of 60/30 while 10% will be amped out for expenses. If you agree to my business proposal, further details of the transfer will be forwarded to you as soon as I receive your return mail.

Your information:
1. Your names………………
2. Your phone n°……………….
3. Age……………………
4. Sex…………………….
5. Profession……………..
6. Address………………..

Should you be interested, please contact me through my private
Email: (kablrunaslru09@gmail.com)
Thanks for your cooperation.

Yours sincerely,
Mr. Kabiru Nasiru.

___

From: Mr IbrahimCongomribrahimcongo@gmail.com

To: undisclosed-recipients

Dear friend,

I am Mr.Ibrahim Congo,The head of file department of Bank of Africa (B.O.A) here in Burkina Faso / Ouagadougou . In my department we discover an abandoned sum of (US$10.5mllion US Dollars) in an account that belongs to one of our foreign customer who died along with his family in plane crash.

It is therefore upon this discovery that I now decided to make this business proposal to you and release the money to you as the next of kin or relation to the deceased for the safety and subsequent disbursement since nobody is coming for it.

I agree that 40% of this money will be for you, while 60% would be for me. Then after the money is been transferred into your account, I will visit your country for an investment under your kind control.

You have to contact my Bank directly as the real next of kin of this deceased account with next of kin application form. You have to send me those your information below to enable me use it and get you next of kin application form from bank, so that you will contact Bank for the transfer of this money into your account.

Your Full Name…………….
Your Home Address………….
Your Age………………….
Your Handset Number………..
Your Occupation……………

I am waiting for your urgent respond to enable us proceed further for the transfer.

Yours faithfully,

Mr.Ibrahim

___

From: Mr Ahmed Humaid Al Tayer noreply@difc.ae

Greetings from Mr Ahmed
The DIFC is the world’s fastest growing international financial center. It aims to develop the same stature as

New York, London and Hong Kong. It primarily serves the vast region between Western Europe and East Asia. Since

it opened in September 2004, the DIFC has attracted high calibre firms from around the globe as well as its

region. A world-class stock exchange, NASDAQ Dubai (formerly known as the Dubai International Financial Exchange

or DIFX), opened in the DIFC in September 2005. The DIFC is a 110-acre free zone. It is part of the larger

vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and

Ruler of Dubai, together with the Government of Dubai, to create an environment for progress and economic

development in the UAE and the wider region.
Sectors of Activity

The DIFC focuses on several sectors of financial activity: Banking and Brokerage (Investment Banking, Corporate

Banking & Private Banking); Capital Markets (Equity, Debt Instruments, Derivatives and Commodity Trading);

Wealth Management (Asset Management, Fund Registration and Family Office); Reinsurance and Captives; Islamic

Finance & Ancillary Services. Financial institutions may apply for licences in the above sectors. Firms

operating in the DIFC are eligible for benefits such as a zero tax rate on profits, 100 per cent foreign

ownership, no restrictions on foreign exchange or repatriation of capital, operational support and business

continuity facilities. Financial services in the DIFC are regulated to international standards by the Dubai

Financial Services Authority (DFSA).
We are privately looking for fiduciary agents and management experts who will be willing to act as investment

portfolio holders and administrators. We currently have a back-log of an Excess Maximum Return Capital Profit

(EMRCP) of an average of 1.2% on each private investment and corporate portfolio under our administration and

control.

And we wish to re-invest this fund by putting it into the management of private businessmen and corporations

with good business ideas that can generate at least 10% ROI per annum over maximum of 5 years duration. The fund

will be disbursed based on a clear loan of 4.5% interest rate per annum for 5 years renewable tenure
All sign-up contracts, briefings and investment portfolio management files will be handled in Dubai, United Arab

Emirates.

If you want to participate do indicate the part which you choose to participate.
Do you need a Loan?
Do you want to participate as AGENT?

Regards,
Mr Amed Humaid Al Tayer
Chairman/Director(NEW)
Website: http://www.difc.ae

Sibos Dubai will be held at the Dubai World Trade Centre in September, 2013 – the first time the event has been hosted in the Middle East. Joining Sheikh Ahmed at a press conference held at Dubai International Financial Center today were Ahmad Al Tayer, Governor of DIFC, Hamad Buamin, Director General of Dubai Chamber of Commerce and Industry, Helal Saeed Almarri, CEO, Dubai World Trade Center, and Abdulla Mohammed Al Awar, CEO of DIFC Authority.

Sheikh Ahmed described the decision to name Dubai as the venue for the 2013 edition as a coup for the Emirate and an endorsement of its global financial presence.

L zaro Campos, CEO of SWIFT, the financial co-operative responsible for organising Sibos, said at the press conference: “We chose Dubai as the location for Sibos 2013 in response to its burgeoning financial sector and ever increasing knowledge based economy. SWIFT opened its Dubai office five years ago to cater to the growing finance and banking industry and we see great commercial potential in this market.” Al Tayer said: “For Sibos 2013 to select the Middle East as its destination for the first time is a credit to the region’s ongoing commitment to the financial services sector. For Dubai, it is a testament to its importance within the region and on the global stage as a hub for business. Transparency, best practice, innovation and highly developed investment strategies have placed Dubai as one of the premier banking markets and the arrival of Sibos will lend even further weight to this progress.” Sibos organizer SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 9,500 banking organizations, securities institutions and corporate customers in 209 countries, exchanging millions of standardized financial messages every day.

Every year Sibos brings together influential leaders from financial institutions, market infrastructures, multinational corporations and technology partners to do business and shape the future of the financial industry.

Hope you liked the post. Happy Trading!

Jean François Amyot

HilbroyAdvisory Inc.

We have all been in the situation, you’re hanging out with buddies and you all have an urge for burgers. Here comes the dilemma, which burger should you choose? McD, Burger King, MAX (if you’re a swed) or even more local, the Sibylla joint around the corner. as you can see this can easily turn in to an ugly power struggle. Luckily this problem we never again appear in for the residents of Dubai. Since some time back The Gramercy Bar has opened its doors in DIFC and they call them self’s a Gastro-Pub, a definition that seems fair in our view. But now back to the burger issue, so you will no longer have to consider your Big Mac or the Whopper or even the Quarter Pounder, The Gramercy Bar offers to its guests a Wagyu Burger topped with Foie Gras and lovely truffle, as its predecessors it also comes with fries, a definite must have if you visit this place! And after dinner the barman can make you a decent Old Fashioned to help you with your digestion, that’s more than you can say about Ronald McDonald.

Victor Leginsky ChArb 2013ap

By the sushi place and across from the IMAX movie theater is a life-sized dhow fishing boat beached on the mall floor.

“China Court” in the Ibn Batoota Mall
Jebel Ali
Dubai, United Arab Emirates

It looks like a CG artist’s rendering, but it’s not. This is real Dubai.

Walkway below the galleries
Dubai International Financial Center
Dubai, United Arab Emirates

(More posts {with words} soon.)

1) It’s a brilliant expose of how NOT to list and run a publicly listed company, both at the Board and management level.  The Enforceable Undertakings against the Company (the most complete summary), the brothers and the other directors are at
http://www.dfsa.ae/Pages/RegulatoryActions.aspx
.

2) There are a lot of possible regulatory actions which haven’t occurred yet.  Eg, disqualifications by DIFC Registrar of Companies, de-listing by NASDAQ Dubai, etc. 

3) Future regulatory outcomes for the broader environment.

On the latter first, we already know that the DFSA will be basically taking back the Listing approval process from NASDAQ Dubai for all new listings (although officially it is a parallel process, we think that the DFSA will take primary management duties).  We’re not sure that this is the correct action in a strict sense, but it probably is the best action with the current environment and resourcing of both parties. 

Both regulators will need to make sure that they do a lot more homework  on listing applications so we don’t get roundabout deals like the Damas situation.  In most jurisdictions what Damas did, which is to use the company’s own money to fund a third party’s subscription, would be illegal with jail terms applied to Directors and investigation of the investment bankers and bookrunners.  Ironically, the amount of money/assets “misappropriated” from the company was almost identical to the amount of money raised from outside shareholders from the IPO (ie, excluding the $100m roundabout), so we can effectively conclude that the company received no financial benefit from listing, and its objectives in the IPO documents cannot be fulfilled.  We see evidence of this now through the cancellation of the India expansion plan.

In terms of name lending by the banks, well I think between all that has happened in Dubai, the Damas situation will be just another drop in the ocean.  Fatigue has undoubtedly set in with respect to debt restructuring in the UAE.  Basel II implementation should flush out some more name lending problems as corporate debts are individually provisioned, although of course the banks have an impossible job to objectively determine what total exposures of their clients are in the absence of a UAE wide credit agency.

As far as regulatory actions, as far as we are aware there is yet to be a first time for the DIFC to disqualify a director.  We’re wondering just what would have to happen for this to occur, if the Damas situation isn’t enough for at least the Abdullah brothers to be disqualified.  It is quite clear that the DFSA doesn’t believe that they are fit and proper.  At least from a compliance perspective, the DFSA Enforceable Undertakings are easily discoverable, should anyone care to look, but they are voluntary agreements.  We don’t believe that NASDAQ Dubai would take action against individuals, given the ability of the DFSA/DIFC to do so, but for the company to continue trading with such a bleak outlook does bear some thought on behalf of the current Board. 

Will we we see shareholder actions in the court claiming compensation from the Directors for breach of fiduciary duty and consequential loss (note to lawyers – I’m using layman rather than legalese)?  It is certainly a possibility which might have traction with the Justices, given recent activist success for the protection of minority shareholders in the international environment (remembering that the DIFC Courts have regard to the UK sysem for precendents). 

So, we wait and see.  The deadline for repayment by the brothers under the Cascade Agreement has been extended to 30 April according to the 4 April 2011 announcement, although the debt standstill term has expired (31 March 2011), and for some reason the CA is still not signed over a week later.  Their additional debt of 1.2billion AED has been disclosed to the market in the general press, ideally this should have been noted by Damas the company under their continuing disclosure regime to the stock exchange as a material factor to the recovery of the money. 

While the debt recovery aspect may be complex, and it is unknown whether the operations can bear the debt servicing, the corporate governance is not so technical – so we expect to see significant improvements by the next AGM which will be coming up soon.

Regards, Sharon.

Held on March 9th under the iconic ‘Gate’ at Dubai’s DIFC, the Saks’ Fifth Avenue Spring/Summer 2011 Fashion show was the talk of the town. Unfortunately, I missed it due to an issue with my baggage at Dubai airport as I was flying in specially for the show, but I did manage to get this footage from Saks.

Featuring all the key trends for the season including my personal favourites, floral and nautical, Saks is one of my favourite places to shop and with these looks, you can sure see why!

Congratulations Saks – you did an amazing job!

You see the reason I love Caramel is not just because their food is outstanding, but the atmosphere in this restaurant/lounge is incomparable. Sitting having dinner on Sunday night, myself and my friend Yasmin must have shouted out “Tuuuuuune!” at least 10 times. DJ Kirk, Caramel’s resident DJ plays some of the best old school hip-hop and R’n'B you will find!

Located in DIFC, Caramel is one the best places I have eaten in Dubai. Their signature dishes keep me and my friends coming back time after time. Feast your eyes on these beauties!

TNT Shrimp – the best I have ever had!

Marwa Sayed’s favourite starter – the infamous Mac ‘n’ Cheese!

The adorable Anmol Pinto has me hooked on the Lobster and Mango Tacos!

Super delicious Shawerma Bites!

Sesame Chicken Lettuce Bites – I tried these for the first time on Sunday night and seriously WOW!

The delicious Kobe Sliders – so good I get take away!

My favourite PR client, Ramin Maher’s favourite Chocolate Fondant!

I cannot stop raving about the divine Creme Brulee – seriously worth a round trip to Dubai from London for!

A trip to Caramel is never complete without a good old-fashioned chin-wag with VIP services manager, James Young. James is the inside man to everything Dubai. One of the sweetest guys you will ever meet, you will find him at Caramel on most nights! I even got to meet DJ WhooKid whilst having dinner there last week thanks to a heads-up from James!

Follow James on Twitter- he’s actually very funny (and knows one too many secret about me too now!)

For more information on Caramel follow them on Twitter or visit the Facebook Page!

For reservations call 04.425.6677